Mega mansion once worth $500 million defaults on $100 million in debt, forcing a sale
CNN
A gargantuan residence in Los Angeles dubbed "The One" by its developer is now on track to be sold after the owner defaulted on more than $100 million in loans and debt, according to court documents.
In an Instagram post last summer, Nile Niami, the project's developer, pitched the 105,000-square-foot home as having seven pools, a 50-car garage, a 10,000-bottle wine cellar and even its own nightclub. Promoted as being the largest and most expensive urban property in the world, "The One" was expected to come to market for $500 million, according to the video Niami posted on Instagram. But it suffered many delays and complications and now faces a court-ordered sale to pay debts.
Millions of Americans have taken to the skies, hit the road, fired up the barbecue grill and jumped into the pool this weekend to celebrate the start of summer 2024. Analysts are expecting the Memorial Day weekend to usher in yet another summer of strong consumer spending on travel and other leisure activities.